person struggles to fight against and economic storm Source: Shutterstock.

The U.S. is very likely to enter a recession in 2023 – real Gross Domestic Product is currently going sideways, inflation has grown significantly in the last 12 months, interest rates are continuously being raised by the Federal Reserve, the pandemic stimulus impact to consumers is diminishing, consumer debt is increasing and consumer credit card delinquencies are rising.

Although better positioned than during the 2008 Great Recession, credit unions should start preparing now for tougher months ahead. Here are five ways they can develop and execute their strategies to keep their institutions strong and help their members during a recession:

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